The Apple Inc. CEO didn’t take long at an investor event today before he got onto the question David Einhorn raised last week about Apple’s cash pile. Einhorn had at points said Apple has a “depression-era mentality” and compared the company to his grandmother, who he said would never leave him a voicemail because it would cost her.

Apple doesn’t have a depression-era mentality. Apple makes bold and ambitious bets on product and we’re conservative financially. If you look at what we’ve done in terms of investment, last year we invested $10 billion in CapEx. We think we’re gonna do a similar amount this year. We’re investing in retail around the world, in product innovation, in new product, in supply chain. We’re acquiring some companies. My definition of a depression-era mentality wouldn’t be of a company investing a pair of tens over two years. To add to that fact, we’re returning $45 billion to shareholders through a combination of dividends and buybacks. I don’t know how a mentality with a depression-era mindset would have done all those things.

Now, we do have a lot of cash… Last quarter alone the cash flow from operations was over $23 billion. It’s an incredible privilege where we can seriously consider returning additional cash to our shareholders. The management team and the board are in very active discussions. That’s what our shareholders want.

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Deal Journal is an up-to-the-minute take on the deals and deal makers that shape the landscape of Wall Street, including mergers and acquisitions, capital-raising, private equity and bankruptcy. In short, wherever money changes hands. Deal Journal is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s David Benoit is the lead writer, with contributions from other Journal reporters and editors. Send news items, comments and questions to deals@wsj.com.